The CE Shop » Sales License » CA Real Estate Finance Course » 2021

Question #1

What is the HECM program?

A. A form of reverse mortgage insured by the FHA

B. A home construction loan insured by the FHA

C. A direct loan from the FHA

D. A grant from the FHA made to senior citizens

Question #2

Which of the following is a true statement about FHA financing?

A. An FHA loan is best for borrowers who have large down payments.

B. An FHA loan is usually more attractive to borrowers who have lower credit scores and down payments.

C. FHA loans are available to all borrowers, regardless of credit history.

D. FHA loans have more stringent requirements than conventional loans do.

Question #3

Which of the following is a true statement about HUD’s Good Neighbor Program?

A. It requires only a $1,000 down payment.

B. It's only available to investors who haven't financed a new home in the last two years.

C. It must be repaid within three years.

D. It allows qualified individuals to buy a home at a 50% discount.

Question #4

Lydia put the minimum 3.5% down on her $210,000 home. She’ll have to pay an MIP. What type of loan does Lydia have?

A. FHA

B. VA

C. Conventional

D. Standard